$16 trillion for fat cats; $0 for you and me

The chart on p. 144 of this General Accounting Office audit of the Federal Reserve Bank shows that banks and other financial institutions received $16.115 TRILLION in (virtually zero-interest) loans from the Federal Reserve from December 2007 through July 2010.

As Sen. Bernie Sanders writes, “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

Posted by James on Friday, July 22, 2011